ARC Governance (ARCX) has surged over 28,00,000% within a matter of hours, rising from a low of $0.34 to $9,991.70, coinmarketcap data showed. However, the token erased almost 90% of the gains and is trading at $906.13 at 16:25 (IST).
The token has seen a 24-hour trading volume of $264,815.
Cryptocurrency price swings have been wild in the recent past with Squid-games based coin SQUID, Kokoswap, Ethereum meta surging up thousands of percentage points in just hours.
Ethereum meta has surged by over 2,13,000% recently in the 24 hours, while Kokoswap, again a little-known cryptocurrency has risen by a massive 71,000% in more or less the same time period as Ethereum Meta.
Unprecedented price swings in cryptocurrencies is becoming a latest trend these days. This also indicates the risks and volatility in crpto-based trading.
With huge price swings in little-known cryptocurrencies becoming the norm, experts raised concerns and advised investors should be watchful which picking such tokens.
ARCx is a decentralized scoring protocol that powers on-chain identity through the issuance of a DeFi Passport. The first page, or element, in the DeFi Passport is an on-chain credit score. This initial score is issued to an identity based on an assessment of the address’ on-chain activity.
The core function of the ARCx token is to be the governance mechanism for the ARCx protocol itself. The token is intended to align incentives between various stakeholders within the ecosystem to promote sustainable growth and fair governance.
The token currently allows token holders to vote on expenditure from the treasury. In the future, ARCx token holders will be able to vote to receive cash flows generated from the network and participate in native on-chain governance to upgrade the protocol itself.
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